The National Bureau of Statistics (NBS) said Nigeria’s food inflation rate in October has increased to 31.52 percent on a year-on-year basis, which was 7.80 per cent points higher compared to the rate recorded in October 2022 (23.72 per cent).
In its inflation report, Nigeria’s headline inflation rate hit 27.33 per cent in October, which is 0.61 per cent higher compared to the 26.72 per cent points recorded in September 2023 headline inflation rate.
This was disclosed on Wednesday , in Abuja in the NBS Consumer Price Index (CPI) and inflation report for October
The report said on a year-on-year basis, the headline inflation rate was 6.24 per cent points higher compared to the rate recorded in October 2022, which was (21.09 per cent).
“This shows that the headline inflation rate (year-on-year basis) increased in October 2023 when compared to the same month in the preceding year (i.e., October 2022),” it said.
According to the report on food, the inflation rate in October quickened to 31.52 per cent on a year-on-year basis, which was 7.80 per cent points higher compared to the rate recorded in October 2022 (23.72 per cent).
The bureau said the rise in food inflation on a year-on-year basis was caused by increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables and milk, cheese and eggs.
“On a month-on-month basis, the Food inflation rate in October 2023 was 1.91 per cent this was 0.54 per cent lower compared to the rate recorded in September 2023 (2.45 per cent),” it said.
According to the bureau, the decline in food inflation on a month-over-month basis was caused by the decline in the rate of increase in the average prices of fruits, oil and fat, coffee, tea and cocoa, bread and cereals.
“The average annual rate of food inflation for the twelve months ending October 2023 over the previous twelve-month average was 26.33 per cent, which was a 6.50 per cent points increase from the average annual rate of change recorded in October 2022 (19.83 per cent),” the report highlighted.
NBS further stated that the contributions of items on the divisional level to the increase in the headline index are food & non-alcoholic beverages (14.16 per cent), housing water, electricity, gas & other fuel (4.57 per cent), clothing & footwear (2.09 per cent), and transport (1.78 per cent),.
Others are furnishings & household equipment & maintenance (1.37 per cent), education (1.08 per cent), health (0.82 per cent), miscellaneous goods & services (0.45 per cent), restaurant & hotels (0.33 per cent), alcoholic beverage, tobacco & kola (0.30 per cent), recreation & culture (0.19 per cent) and communication (0.19 per cent).
The report also disclosed that on a month-on-month basis, the headline inflation rate in October 2023 was 1.73 per cent, which was 0.37 per cent lower than the rate recorded in September 2023 (2.10 per cent).
“This means that in October 2023, the rate of increase in the average price level is less than the rate of increase in the average price level in September 2023.
“The percentage change in the average CPI for the twelve months ending October 2023 over the average of the CPI for the previous twelve-month period was 23.44 per cent, showing a 5.57 per cent increase compared to 17.86 per cent recorded in October 2022,” the report said.